EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

The following information sets forth the computations of basic and diluted weighted average earnings per common share for the years ended December 31, 2023 and 2022:


	Years ended December 31,
	2023		2022
Net income attributable to common shareholders	$	20,951,999	$	35,932,397
Dividends paid on preferred shares	(15,000)		(15,000)
Dividends paid on unvested restricted stock	(262,394)		(135,299)
Net income attributable to common shareholders	20,674,605		35,782,098
Divided by:
Basic weighted average shares of common stock outstanding	20,321,091		19,842,222
Weighted average unvested restricted stock and dilutive stock options	24,828		115,515
Diluted weighted average shares of common stock outstanding	20,345,919		19,957,737
Basic weighted average earnings per common share	$	1.02	$	1.80
Diluted weighted average earnings per common share	$	1.02	$	1.79

Diluted EPS was computed using the treasury stock method for stock options and restricted stock. Diluted weighted average earnings per common share excluded 2,336,146 and 1,401,200 weighted average unvested restricted stock and stock options due to anti-dilutive effect for the years ended December 31, 2023 and 2022, respectively